23 May 2024, 07:30
By Furniture News Dec 08, 2016

Steinhoff's UK business weathers "prevailing uncertainty"

In its review of the last quarter (30th June to 30th September, 2016), international conglomerate Steinhoff, owner of several UK manufacturing operations plus the Harveys and Bensons retail chains, reports that "despite the prevailing uncertainty brought about by the Brexit vote and the decline of the pound, the bedding and furniture retail business in the UK performed exceptionally well".

Revenue growth – on both LFL basis and in real terms – reportedly continued its trajectory in line with that reported in June.

The quarter saw Bensons open two stores and close four, taking its estate to 278, while Harveys opened six and closed one, taking its to 160.

Steinhoff purchased the Poundland chain on 16th September for £587m.

Total international group revenue for the quarter increased by 12.1% to €3369m. Revenue generated by retail operations increased by 15.6% to €3164 million, while, as expected, external
supply chain revenue decreased by 23.2% to €205m compared to the previous quarter.

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